Rumors going around that we’re getting close to a major divestment probs my in downstream. Assuming this is to fund our negative return on investment LCS business.
20 replies (most recent on top)
Why would strathcona get sold off, is that where they are making renewable diesel.
The German affiliate (Upstream, Downstream and Chem) will be sold. Germany is too WOKE. Several other affiliate sales will also occur because we can load the affiliate with debt or commercial paper, then sell off. Some companies will want the low debt interest rates that XOM can secure in a market with low liquidity.
Kearl is making no profits, is a money pit and is led by the most inept management you could think of. If it's not for sale now , it will be at some point in the near future.
KM would sell all of EM just like she is trying to sell half the Campus.
Perhaps our 50% interest in YANBU will be purchased by the Saudi Aramco or Fujian in People's Republic of China
Doubtful that anyone will buy any more of our refinery assets in Europe especially with the EV mandates for 2030 and 2050.
Refinery Assets - 2022 Annual Report
United States
Billings, Montana (SALE ANNOUNCED TO PAR PACIFIC)
Joliet
Beaumont
Baytown
Baton Rouge
Canada
Strathcona
Sarnia
Nanticoke
Europe
Antwerp
Fos-sur-Mer
Gravenchon
Karlsruhe
Trecate (SALE ANNOUNCED TO ITALY'S IP)
Rotterdam
Fawley
Asia/Pacific
Fujian
Jurong/PAC
Srirachi (SALE ANNOUNCED TO BANGCHAK CORPORATION)
Middle East
Yanbu
Sell all China Assets to CCP! Oh wait it is theirs anyway!
The whole enchilada is for sale kids.
Joliet , Nanticoke and Sarnia, buy 1 get 2 others for free....
Kearl needs to go…
Lots of big wigs visiting kearl lately. What does that mean?
Kearl oilsands in Alberta will be sold followed by the Strathcona Refinery in Edmonton. Both are extremely high cost operations in a country which has a fanatical anti-oil and gas federal government out to shut down the whole industry.
I’m thinking that Singapore makes sense. I hear the next refinery to go is not going to be a smaller one like Billings but a large site. I thought maybe Fawley or Joliet but Singapore is in a difficult market to compete and it could generate needed cash to fund our negative ROI LCS businesses.
Hard to believe that Singapore is for sale since we continue to invest in capital projects.
Sinopec signs Singapore CRISP electrical and mechanical installation project
Seetao 2020-07-27 10:47
https://www.seetao.com/details/32668.html
The project is expected to start construction in January 2021 and be completed in June 2023
Recently, the Fifth Construction Company of Sinopec Refining and Chemical Engineering Group won the bid for the Singapore Refining and Chemical Integrated Mechatronics Installation Project with a contract value of US$158 million, or approximately RMB1.11 billion.
This project is another large-scale overseas project after the Fifth Construction Company has successfully won bids for several projects in Saudi Arabia. It is of great significance for the Fifth Construction Company to expand the Southeast Asian market, participate in the construction of the world's third largest oil refining center, and enter the international high-end refining engineering market.
After 8 months and 15 rounds of video conference bidding and contract negotiation, the two parties reached an agreement on the basic price and contract terms, and successfully signed the LOA award letter.
The Singapore Refining and Chemical Integration Project, referred to as CRISP, is located on Jurong Island, Singapore. The owner is ExxonMobil Asia Pacific Pte Ltd. The general contractor is Spanish TR Company. Construction is expected to start in January 2021 and be completed in June 2023.
Since the implementation of the Belt and Road Initiative, Sinopec has actively carried out international project cooperation. In the next step, the Fifth Construction Company will set up an excellent project management team, learn from the successful experience of projects in Kuwait and Saudi Arabia, ensure that the project is completed as a high-quality model project, and strive to build a new brand for the Fifth Construction Company for overseas projects! Editor/Tian Zengpeng
As India and the Peoples Republic of China refinery, basic chemicals, and polymers plants continues to expand and build grassroots facilities, our Singapore assets will continue to lose money due to the high cost of OPEX in Singapore.
Singapore is one of the HC10 countries.
If large enough divestment, the CFO should be included with the sale.
Singapore is also on the table right now, waiting for offers
Time for more of the European and Canadian refineries to go... ;-)
We are selling 50% of the 10,000 person Spring Campus in Houston.
Probably getting cold to China or India
Maybe we should divest the whole pride stuff